55% of employers have either told staff about the pension changes or have plans to do so. But 11% are not going to tell members (11%) and 34% do not know’ what they will do.

More than 80% of respondents either do not have a specific approach for managing older workers (49%) or do not know what their strategy is (34%).

18% of respondents plan to review their retirement options before April 2015, while over a fifth of employers do not plan to make a decision until 2016.

Mark Wood, chief executive of JLT Employee Benefits, said: “This year’s Budget saw one of the most far-reaching reforms in pensions. So, although it was widely welcomed, it is putting a lot of pressure on the industry and employers, as well as adding complexity for individuals.

“While the industry as a whole has been pretty good in adapting itself, a significant number of employers are feeling overwhelmed and unsure how to respond.

“Employers have certain immediate responsibilities, such as communicating the changes to scheme members.”